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The CBO's May 2023 baseline projects total outlays for SNAP and mandatory farm programs at $1.51 trillion for fiscal years 2024 to 2033, up $31.5 billion from February. The analysis says the 2023 farm bill could be the first trillion-dollar farm bill, with commodity support rising on lower seed cotton prices, weaker dairy margins and higher crop prices.
Larger projected farm bill spending signals more government support for producers, but it does not directly change near-term supply or demand for feed grains or meals. Its price impact is limited to shaping future farm income and planting incentives.
agriculture.senate.govMay 15, 2023After 1,623 past policy events, CORN moved a median +0.1% over 5 sessions (51% higher; middle half -1.4% to +1.5%), and +0.4% over 20.
After 1,905 past policy events, SOY moved a median +0.1% over 5 sessions (52% higher; middle half -1.4% to +1.8%), and +0.2% over 20.
After 1,019 past policy events, WHEAT moved a median -0.1% over 5 sessions (49% higher; middle half -1.7% to +1.5%), and +0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
